Selling Property Tips
Zoopla recently published the regions where property sells the quickest in the UK. The results are shown in the picture below. They also broke down how long it takes in specific cities. Some significant cities where transactions move fast were Birmingham and Nottingham. Whereas popular cities Bradford and Reading were on the slow list. Make sure you look up this list for any areas you are planning on buying or selling property and factor it into your time and budgeting plans. We want to cover how timescale can affect property transactions and while we normally focus on buying today we want to discuss selling property.
The longer a property is on the market the staler it may seem, this can put off prospective buyers. When this happens a makeover or refurbishment may be needed for people to take notice again. If you do make any changes make sure any listings you have for the property are kept up to date; this includes photos not just descriptions. However, sometimes no matter how nice you make the property, if the price is significantly higher than other comparable homes in the area, you may struggle to find a buyer. When this occurs it is called a ceiling price and can be linked to a road or suburb. This is because even your average buyer will compare prices just like us. Having a property with a drastically higher price than its neighbours can also complicate buyer’s mortgages and that will really scare people off.
So, it is important to make sure your property is presented attractively but priced realistically. This will cut down on the time it takes to sell. Furthermore, if the situation occurs where the property won’t sell then a simple price reduction may be your best bet rather than a full-on overhaul. This is because a lot of work will be pricey and there may not be a lot of leeway to recover that cost thanks to the areas ceiling price. This is just a small taste of what goes when transacting a property, if you want to learn how to get the most out of buying and selling property come along to one of our FREE seminars.